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Carta CEO Henry Ward. Photo: Carta.

Silver Lake to Lead New Carta Funding at $7.4 Billion Valuation

By Cory Weinberg and Berber Jin · Jul 16, 2021 10:38am PDT

Carta is finalizing a round of funding led by new investor Silver Lake Partners that would value the financial software startup at $7.4 billion including the new capital, roughly where secondary market investors valued it in February, two people familiar with the matter said. The funding, expected to be $500 million to $600 million, would nearly... Carta is finalizing a round of funding led by new investor Silver Lake Partners that would value...

Illustration: Mike Sullivan

AirPods Are a Huge Hit With Consumers—and Counterfeiters

By Wayne Ma · Jul 16, 2021 6:14am PDT

U.S. Customs officials are seizing record numbers of counterfeit wireless headphones amid a surge in the popularity of Apple’s easy-to-copy AirPods. Roughly 360,000 counterfeit wireless headphones with a retail value of $62.2 million were confiscated in the first nine months of the U.S. government’s fiscal year, which starts in... U.S. Customs officials are seizing record numbers of counterfeit wireless headphones amid a surge...

Gorillas CEO Kağan Sümer. Photo provided by Gorillas

Gorilla Warfare in Europe’s Startup Scene

By Mark Di Stefano and Cory Weinberg · Jul 15, 2021 6:01am PDT

Last year, Kağan Sümer blasted out of nowhere with a startup called Gorillas that had an audacious vision: to kill the grocery store. The Berlin-based grocery-delivery company surpassed a $1 billion valuation a year after it was founded, a nearly unheard-of rate of ascent for a startup in Europe, where a string of other scrappy delivery... Last year, Kağan Sümer blasted out of nowhere with a startup called Gorillas that had an...

Hong Kong's Exchange Square complex which houses the Hong Kong stock exchange. Photo by Bloomberg

China’s Kujiale, Lalamove Suspend U.S. Listing Plans, Search for Alternatives

By Juro Osawa and Shai Oster · Jul 14, 2021 10:27am PDT · 1 comment

Hong Kong's Exchange Square complex which houses the Hong Kong stock exchange. Photo by Bloomberg

China’s Kujiale, Lalamove Suspend U.S. Listing Plans, Search for Alternatives

By Juro Osawa and Shai Oster · Jul 14, 2021 10:27am PDT · 1 comment

As China’s tech startups shelve plans to go public in the U.S. due to Beijing’s cybersecurity crackdown, one question is whether they will pursue initial public offerings in Hong Kong instead. But Hong Kong listings may be challenging for tech companies in industries such as software as a service, autonomous vehicles and ride... As China’s tech startups shelve plans to go public in the U.S. due to Beijing’s...

Illustration: Jesus Escudero

Startups Turn to Wall Street to Broker VC Deals

By Kate Clark · Jul 14, 2021 6:00am PDT

For years, startups turned to Wall Street bankers either in the best of times—when they were big enough to go public—or the worst, such as when they needed to find a buyer. Now they are paying for investment bank services for a function that’s much more routine: raising early-stage venture capital. More startups are bringing on... For years, startups turned to Wall Street bankers either in the best of times—when they...

Photo by Bloomberg

Amazon Acquires Facebook’s Satellite Internet Group

By Sarah Krouse and Sylvia Varnham O'Regan · Jul 13, 2021 1:18pm PDT · 1 comment

Amazon has acquired a team of more than a dozen wireless internet experts from Facebook in an effort to boost its multibillion-dollar effort to launch thousands of satellites and offer broadband service in the U.S. and abroad, a Facebook spokesperson confirmed. The Facebook employees moved to Amazon in April to help the company develop its... Amazon has acquired a team of more than a dozen wireless internet experts from Facebook in an...

LeBron James. Photo by Bloomberg.

LeBron James’ Entertainment Firm Explores Sale at Valuation of Up to $750 Million

By Jessica Toonkel and Sahil Patel · Jul 13, 2021 12:05pm PDT

NBA superstar LeBron James’ entertainment firm, SpringHill Company, is exploring a possible sale at a valuation that could reach $750 million, according to people familiar with the situation. Among the companies said to be considering an offer is Nike, the people said. The sale discussions highlight growing interest in independent... NBA superstar LeBron James’ entertainment firm, SpringHill Company, is exploring a possible...

AWS CEO Adam Selipsky. Photo by Bloomberg

AWS’ New CEO Faces a Fresh Challenge: Bureaucracy

By Kevin McLaughlin · Jul 12, 2021 6:00am PDT · 1 comment

AWS CEO Adam Selipsky. Photo by Bloomberg

AWS’ New CEO Faces a Fresh Challenge: Bureaucracy

By Kevin McLaughlin · Jul 12, 2021 6:00am PDT · 1 comment

When Adam Selipsky left Amazon Web Services in 2016 to become CEO of Tableau Software, he brought with him a handful of Amazon management traditions. For example, he discouraged Tableau colleagues from doing PowerPoint presentations, instead asking them to write multipage narrative documents about new projects, a hallmark of Amazon management. ... When Adam Selipsky left Amazon Web Services in 2016 to become CEO of Tableau Software, he brought...

MGM's headquarters in Beverly Hills. Photo by Bloomberg.

FTC Opens Probe of Amazon’s MGM Purchase, Signaling a Lengthy Inquiry

By Josh Sisco · Jul 9, 2021 2:31pm PDT

Any hopes that Amazon had of completing its $8.5 billion purchase of movie and TV studio MGM anytime soon may have just gone out the window. The Federal Trade Commission on Friday opened an in-depth investigation into the deal, according to people familiar with the matter, setting the stage for a lengthy probe that could last six months or more.... Any hopes that Amazon had of completing its $8.5 billion purchase of movie and TV studio MGM...

NFL commissioner Roger Goodell. Photo by Bloomberg

Apple in Early Talks With NFL on Sunday Ticket Games

By Sahil Patel · Jul 9, 2021 8:58am PDT · 1 comment

Apple has expressed interest in the streaming rights for a package of National Football League games the NFL is now auctioning, said people familiar with the situation, a possible sign the tech giant is looking to beef up the audience for its Apple TV+ streaming service. The iPhone maker is one of a number of companies, including TV networks and... Apple has expressed interest in the streaming rights for a package of National Football League...

An Instacart personal shopper placed a customer's order into her car. Photo: Getty Images

Instacart’s New CEO Faces Sales Slowdown, Retailer Pushback

By Cory Weinberg · Jul 9, 2021 6:02am PDT

Instacart’s surprise decision to replace its CEO with a prominent Facebook executive followed a big drop-off in sales from last year’s pandemic-boosted results. At the same time there are signs that some supermarket partners are chafing at the restrictive terms of their agreements with the grocery-delivery service. San... Instacart’s surprise decision to replace its CEO with a prominent Facebook executive...

Instacart CEO Apoorva Mehta, left, and Facebook CEO Mark Zuckerberg. Photos by Bloomberg

Instacart CEO Hire Is Part of Monthslong Raid of Facebook Staff

By Amir Efrati and Sylvia Varnham O'Regan · Jul 8, 2021 4:06pm PDT · 1 comment

Instacart CEO Apoorva Mehta, left, and Facebook CEO Mark Zuckerberg. Photos by Bloomberg

Instacart CEO Hire Is Part of Monthslong Raid of Facebook Staff

By Amir Efrati and Sylvia Varnham O'Regan · Jul 8, 2021 4:06pm PDT · 1 comment

Instacart CEO Apoorva Mehta’s decision to hire his replacement as the grocery delivery firm prepares a public stock debut surprised most of its employees and investors. The fact that Mehta’s replacement came from Facebook didn’t. Fidji Simo, who is taking over Instacart after more than a decade at Facebook, will oversee a... Instacart CEO Apoorva Mehta’s decision to hire his replacement as the grocery delivery firm...

Amazon vans departing a new staging lot outside an Amazon delivery station in Milford, Mass. Photo by Paris Martineau

When Amazon Comes to Town

By Paris Martineau · Jul 8, 2021 6:00am PDT · 1 comment

MILFORD, MASS.—When the Amazon warehouse came to town in 2016, most residents of Milford, located 45 minutes from Boston, didn’t think much of it. The internet retailer submitted plans to city officials for a delivery station—essentially a post office exclusively for Amazon packages—that it wanted to open in a vacant... MILFORD, MASS.—When the Amazon warehouse came to town in 2016, most residents of Milford,...

The Signal app icon. Photo: AP

MobileCoin, Which Powers Crypto Payments on Signal, Valued at $1 Billion

By Hannah Miller and Kate Clark · Jul 7, 2021 6:38pm PDT · 1 comment

MobileCoin, a cryptocurrency business with close ties to Signal and its founder, Moxie Marlinspike, has raised more than $75 million in venture capital funding at a $1 billion valuation, more than 10 times higher than at its last financing in March, according to two people familiar with the matter. Founded in 2017, MobileCoin has developed a... MobileCoin, a cryptocurrency business with close ties to Signal and its founder, Moxie...

Justin Overdorff. Photo: Lightspeed Venture Partners

Stripe’s Former VC Dealmaker Joins Lightspeed to Invest in Sizzling Fintech

By Berber Jin · Jul 7, 2021 11:23am PDT · 1 comment

While Justin Overdorff was at payments company Stripe, he helped it become a prolific VC investor, spearheaded its partnerships with companies including Amazon and developed its lending business. This spring, he joined Lightspeed Venture Partners as a fintech partner, the first time the venture firm has hired someone to specialize exclusively in... While Justin Overdorff was at payments company Stripe, he helped it become a prolific VC investor...

An employee types on a touch screen as a Geek+ Inc. Eve robot transports shelves at a warehouse in Japan in 2017. Photo by Bloomberg

Chinese Warehouse Automation Startup Seeks $1.3 Billion Valuation

By Juro Osawa · Jul 7, 2021 7:38am PDT

An employee types on a touch screen as a Geek+ Inc. Eve robot transports shelves at a warehouse in Japan in 2017. Photo by Bloomberg

Chinese Warehouse Automation Startup Seeks $1.3 Billion Valuation

By Juro Osawa · Jul 7, 2021 7:38am PDT

Hai Robotics, a Chinese startup that develops warehouse robots similar to those made by Amazon’s robotics unit, is in talks with Sequoia Capital China and other investors to raise more than $150 million at a pre-money valuation of $1.3 billion, roughly triple its last valuation from a funding round in March, said people familiar with the... Hai Robotics, a Chinese startup that develops warehouse robots similar to those made by...

Google’s ‘Moral Bellwether’ Cartoonist Quits: ‘I Have to Draw the Line Somewhere’

By Sarah Krouse · Jul 7, 2021 6:01am PDT · 5 comments

For 14 years, Manu Cornet’s day job was to help speed up Google searches and develop new backgrounds for Gmail. But Cornet was better known inside Google for publishing hundreds of cartoons, known as Goomics, which initially poked fun at its culture and employees’ sense of entitlement and later became a blistering critique of senior... For 14 years, Manu Cornet’s day job was to help speed up Google searches and develop new...

Didi president and cofounder Jean Liu. Photo by Bloomberg.

Didi’s Executives Gave Themselves $3 Billion in Stock Before IPO

By Shai Oster · Jul 6, 2021 10:20am PDT

The senior leadership of Chinese ride-hailing giant Didi Global granted themselves stock options worth $3 billion in the second quarter, before last week’s initial public offering, securities filings show. That move is likely to inflame investor anger over the offering as Wall Street comes to grips with the Chinese government’s... The senior leadership of Chinese ride-hailing giant Didi Global granted themselves stock options...

A customer enters their pin number as they make a chip and pin payment at a restaurant in London, U.K. Photo: Bloomberg

Coatue Values Banking Startup Mercury at $1.6 Billion

By Berber Jin and Kate Clark · Jul 3, 2021 7:01am PDT

Coatue Management has led a Series B investment in Mercury, a banking service for other startups, at a valuation of about $1.6 billion including the new capital, according to two people familiar with the deal. The valuation is more than 16 times higher than when Mercury raised money in 2019, reflecting the scorching market for fintech... Coatue Management has led a Series B investment in Mercury, a banking service for other startups,...

Employees at Japan's JAL answer phone calls. The need to support off-premise call center employees during the pandemic boosted demand for companies such as Talkdesk. Photo: Yomiuri Shimbun via AP Images

New Talkdesk Financing Targets $10 Billion Valuation

By Kate Clark and Amir Efrati · Jul 2, 2021 4:52pm PDT · 2 comments

Employees at Japan's JAL answer phone calls. The need to support off-premise call center employees during the pandemic boosted demand for companies such as Talkdesk. Photo: Yomiuri Shimbun via AP Images

New Talkdesk Financing Targets $10 Billion Valuation

By Kate Clark and Amir Efrati · Jul 2, 2021 4:52pm PDT · 2 comments

Talkdesk, a developer of cloud-based software to manage call centers and other customer service, has indicated it is raising a new round of capital that would grant the company access to the “decacorn” club, a fast-growing group of privately held startups whose valuation exceeds $10 billion. The financing could value San... Talkdesk, a developer of cloud-based software to manage call centers and other customer service,...